Announcing the reshuffle of his shadow ministry, Opposition Leader Malcolm Turnbull said Ms Bishop would take on foreign affairs from Senator Helen Coonan who would take over the finance portfolio.

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Education spokesman Chris Pyne will take over the tactically important role of manager of opposition business in the House of Representatives from Mr Hockey.

Mr Turnbull thanked Ms Bishop for her work and said that both Senator Coonan and Mr Hockey had held economic portfolios in the previous Howard government and would present a “formidable team” to take on the government.

“Joe Hockey has been an outstanding shadow minister for finance, he\’s held portfolios in the economic areas before when we were in government as indeed has Helen Coonan, so he brings to this post considerable experience and he is a formidable communicator, a formidable performer,” Mr Turnbull said.

\’Talent, commitment, energy\’

“Joe Hockey brings considerable talents to the shadow ministry as shadow treasurer, as indeed Julie Bishop has brought great talents to the shadow ministry as shadow treasurer and now shadow minister for foreign affairs,” Mr Turnbull said.

“I\’m very fortunate to lead a team of great talent, great commitment, great energy and a great enthusiasm for taking the fight up to Labor and ensuring that they do not take this debt train any further, any further than they are able to.”

Mr Turnbull said Ms Bishop had done “an outstanding job” in the treasury role, and had made up her own mind about resigning.

He said Ms Bishop had his “complete support”.

“The decision she has taken is her decision,” he said.”Julie\’s made her own decision, she\’s made that very clear, she has my total support in that decision.”

Given the heavy load Senator Coonan will now have as shadow finance minister, Senator Stephen Parry will take over as opposition manager of business in the Senate, he said.

Hockey named shadow treasurer